This paper provides instrumental variables estimates of the response of aggregate private consumption to transitory … transitory shocks to aggregate output on private consumption in poor countries. …

order of 1% of permanent consumption equivalent. …

consumption. We use empirical techniques that allow us to quantify the relative importance of permanent and transitory innovations … liabilities, net output and consumption all increase – consistent with the effect of productivity gains raising domestic return to … capital and thus generating an inflow of foreign capital. Conversely, shocks that cause net output and consumption to increase …

have been consistently successful in using financial integration to stabilize fluctuations in consumption growth. However …

payments (e.g. tax rebates) are spent on non-durable household consumption in the quarter that they are received. We develop a … Finances. A version of the model parametrized to the 2001 tax rebate episode is able to generate consumption responses to …

one that produces a deviation from its shared trend with consumption and labor income. Using quarterly stock market data … behavior imply that the log consumption-aggregate (human and nonhuman) wealth ratio forecasts the expected return on aggregate … components may be expressed in terms of observable variables, namely in terms of consumption, nonhuman wealth and labor income …